Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2021 (in thousands, except share and per share amounts):

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(Years)
Outstanding at December 31, 2020		220,383		$	0.64		9.4	$	348
Granted		6,351,820			10.12		9.6
Exercised		(70,396	)		2.29
Forfeited		(574,838	)		8.41
Outstanding at December 31, 2021		5,926,969		$	10.03		9.5	$	16,414
Options exercisable at December 31, 2021		1,033,510		$	5.04		9.2	$	6,125

Schedule of Estimated Fair Value Assumptions

The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the range of assumptions in the following table:

	Year Ended December 31,
	2021	2020
Expected volatility	72.88% - 103.41%	79.40% – 87.40%
Risk-free interest rate	0.81% - 1.36%	0.38% – 0.56%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	5.25 – 7.00	6.02 – 6.08

Summary of Stock-Based Compensation Expense

Stock-based compensation expense related to stock options recorded in the statements of operations is as follows (in thousands):

	Year Ended December 31,
	2021		2020
Research and development	$	2,396	$	10
General and administrative		3,976		8
Total	$	6,372	$	18

Summary of Restricted Stock Activity

The following table summarizes restricted stock activity for the year ended December 31, 2021:

	Restricted Stock
	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2020		888,612		$	0.01
Issued		48,508			15.58
Vested		(306,998	)		0.01
Cancelled		(11,628	)		—
Non-vested at December 31, 2021		618,494		$	3.04